Ashwani Kumar tells US investors to remain upbeat on India

New Delhi, May 18 (UNI) India provides higher returns on Foreign Direct Investment (FDI) than any other country in the world, Dr Ashwani Kumar, Minister of State for Industry, told US investors in New York today.

Addressing a meeting organised by the India-American Chamber of Commerce in New York, Dr Kumar said that India was poised for a massive expansion in manufacturing, infrastructure, automobiles and auto-components and food processing, besides telecommunications, and urged investors to seize the moment for availing the huge opportunities in these sectors.

Earlier in the week, Dr Kumar participated in the 35th annual country day 'India Day ' at New Jersey, hosted by the New Jersey World Trade Council in collaboration with the Consulate General of India/New York, which was attended by over 250 leading business representatives from industries located in the Tri-state area of the US consisting of New York New Jersey and Connecticut.

In his keynote address, Dr Kumar underlined the importance of the Tri-state area as not only a home to nearly 100 Fortune 500 companies but also home to the largest concentration of skilled Indians in the United States.

Giving an overview of the progress of reforms in India, Dr Kumar noted the significant change in the structure of India's GDP over the decade and a half of economic reforms with services sector touching 50 per cent and industry moving up to 27 per cent.

The savings rate of the country also has moved from 23 per cent to 31 per cent during this period. There are over hundred Indian companies with a market capitalisation of over USD one billion dollar in India.

''The fundamentals of the economy are sound and strong and the moment for investment is now,'' he said.

UNI PC PV KN1802